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Former Morgan Stanley NFA trader Jeff Park posted on the X platform that the Federal Reserve's recently announced reserve management-driven purchasing program, although labeled as "reserve management," is essentially still QE, just upgraded from "quantitative easing" to "qualitative easing."Under the ample reserves framework, reserves have perfect balance sheet flexibility due to a 0% risk weight under LCR, far surpassing short-term Treasury securities. This also explains why the SLR rule was suddenly relaxed before Thanksgiving and why a $40 billion monthly purchasing plan was quickly announced within two weeks before the end of QT.In short, short-term Treasury securities are "near-money," while reserves are "perfect money." Additionally, Jeff Park added that stablecoins are the most pressing "currency quality" issue at present, which is why cryptocurrencies are simply not going to disappear.

Former Goldman Sachs executive, author of "Global Macro Investor," and co-founder and CEO of Real Vision, Raoul Pal, stated at the Solana Breakpoint conference:"The decline in labor force participation means a decrease in the working population. And demographic structure is key to driving debt. Population growth will continue to decline, which means the debt-to-GDP ratio will continue to rise, and that is the problem.We have to face the global debt issue, and currency devaluation has always been a way to address (or rather postpone) this problem. We are starting to see signs that the Federal Reserve will have to reconsider its balance sheet and begin to think about how to 'monetize' all this debt. It is expected that over the next 12 months, we will need to print about $8 trillion in cash through liquidity injections.I know many people may think the crypto cycle is over and feel that 'the good times are gone.' But in fact, what drives all of this is cyclical, not from the Bitcoin halving cycle, but driven by the debt maturity cycle.So, I believe this is not a 4-year cycle, but a 5.4-year cycle. In a 5.4-year cycle, we have now passed the trough of the cycle, and the next step is the rising phase, with the cycle expected to peak at the end of 2026, not 2025. This is a breakthrough understanding for us as global macro investors: understanding that cryptocurrency is actually a macro asset.Additionally, the altcoin/Bitcoin cross rate is driven by the business cycle, and the business cycle seems to be bottoming out, not peaking."

The founder of the Bitcoin payment app Strike, Jack Mallers, posted on the X platform in response to the recent decline in the Bitcoin market. He stated that investors need to understand that what is truly collapsing is not the assets but the currency. Bitcoin is the only market that honestly reflects this. The record-high gold prices indicate that the fiat currency system has collapsed. Bitcoin acts like a liquidity alarm; buy the dip because the problem lies with the currency.

According to the 21st Century Business Herald, former chairman of the Hong Kong Securities and Futures Commission, Liang Ding-bong, stated in an exclusive interview that the US Nasdaq has begun experimenting with tokenized stock trading and using stablecoins (such as USDC) for settlement. Tokens are not a new concept; stocks are essentially a type of token. If stocks are transformed into digital tokens on the blockchain, all operations can be completed within a single system, achieving instant settlement. The combination of asset tokenization and central bank digital currencies can reshape the entire market's operational model. To establish such a new capital market based on asset tokenization, Hong Kong needs to overcome challenges in three areas: technological infrastructure, regulatory framework, and market acceptance.

According to Gelonghui, Palantir CEO Alex Karp publicly responded to short sellers, specifically naming "big short" Michael Burry, whose asset management company Scion disclosed in the latest regulatory filing that it holds a large number of put options on Palantir and Nvidia. Affected by this bearish sentiment, Palantir fell nearly 8% overnight, while Nvidia dropped nearly 4%.Karp stated on a program on Tuesday that the two companies Burry is shorting are highly profitable, and called his idea of shorting chip and ontology (a key supporting technology in AI systems) companies "simply insane," claiming that this move is essentially shorting AI. Karp declared that if Burry is ultimately wrong, he will celebrate, and criticized that "shorting is very complex, and honestly, I think this is market manipulation. We have achieved the best performance in history, and it's not even clear if he is doing this to close his position. These people publicly claim to be ethical, but in reality, they are shorting one of the best companies in the world."Previously, news revealed that the "big short" prototype Michael Burry's latest holdings show: 80% of his position is shorting Palantir and Nvidia.

ChainCatcher news, OKX CEO Star posted on the X platform that Ethena Labs has excelled in portfolio and risk management, and its transparency should set the industry standard. OKX has launched the ENA token and may support USDe in the future, while also being one of Ethena's early angel investors.Star pointed out that the market should not view USDe as a 1:1 pegged stablecoin; its essence is a tokenized hedge fund that typically employs relatively low-risk strategies such as delta-neutral basis trading or money market investments, but it still carries inherent risks, including automatic deleveraging (ADL), exchange failures, and custody security vulnerabilities. He emphasized that labeling USDe as a "stablecoin" or referring to its price fluctuations as "de-pegging" is misleading, as the design intention of USDe is not to maintain a fixed peg to the US dollar. If exchanges plan to incorporate it into their collateral systems, they must establish a comprehensive and dynamic risk control mechanism.

ChainCatcher news, according to Jinshi reports, the S&P 500 index briefly turned negative but remains largely stable.

ChainCatcher news, according to official social media announcements, Huobi HTX will hold a themed debate titled "Meme Coins: A New Paradigm of the Digital Economy or Purely Speculative Tools?" in collaboration with SunPump today at 20:00 (UTC+8). At that time, crypto KOL Mr. Bai, 0xFuck.ETH, Btc Yichan, and Hong Kong Wang Fugui will represent the affirmative side, while Xiao Yu Daisy, Principal - Trading Academy, Xiao Wei, and Web3 Hot Treasure will represent the negative side. Nancy will serve as a special observer to delve into whether meme coins are an innovative practice of decentralized economy or a short-term game dominated by capital and emotions.This debate will be broadcast live on Huobi and simultaneously on Huobi HTX Twitter Space. Additionally, by following the official SunPump account (@sunpumpmeme), retweeting the event post, and tagging three friends, you will have the chance to share a reward of 50 USDT.

ChainCatcher news, according to market news, the U.S. Department of Justice memorandum states that it will essentially cease regulation of cryptocurrency exchanges and offline wallets.

ChainCatcher message, Robert Kennedy (RFK Jr) comments on the Federal Reserve: "It operates on behalf of a few Wall Street banks, functioning like a pump. It is essentially siphoning wealth and equity from the American middle class."

ChainCatcher news, according to The Block, Bitwise's alpha strategy head Jeff Park stated on the Castle Island Ventures podcast, "I think MicroStrategy is essentially a clone of traditional finance."Jeff Park mentioned that another unique aspect of Strategy is that it has demand, as some retail investors are still not allowed to purchase spot Bitcoin ETFs.

ChainCatcher news, according to the WeChat public account of the China Financial Forty Forum, Liu Xiaochun, Vice President of the Shanghai Institute of New Finance (SFI), and Xiao Lei, a young researcher at the Shanghai Jiao Tong University China Financial Research Institute and head of investment at Kaitai Vision Fund (Hong Kong), co-authored an article titled "Reconsidering the Modern Monetary System in the Wave of Cryptocurrencies."The article points out that there have been various analyses and expectations regarding cryptocurrencies like Bitcoin in the current market. The 2024 U.S. election has further brought cryptocurrencies like Bitcoin to the forefront. However, for cryptocurrencies to truly replace existing sovereign currencies, they still face institutional realities and challenges. The vast majority of innovative applications of cryptocurrencies like Bitcoin essentially belong to financial services.In dealing with cryptocurrencies, a more valuable approach is to explore their more feasible application paths in the financial sector based on the functions and systems of modern money, combined with the technical characteristics of cryptocurrencies. This can mainly be approached from two directions: first, exploring the financial assetization path that is not linked to fiat currencies; second, developing payment and settlement tools that are linked to fiat currencies.

ChainCatcher message, the divine fish shares its trading insights on its social platform, "Every 'buy more as it rises' trade is essentially not trading in the market, but trading self-worth. Increasing positions is not due to new insights about the market, but because we need greater profits to maintain a grander self-illusion. The market becomes a mirror; what we are obsessed with is not the profit itself, but that 'invincible' self in the mirror.This is why all advice about trading discipline and systems, while correct, is difficult to truly change behavior. Because you cannot fix an existential problem with technical solutions.The most ironic thing is: we think we are using money to exchange for wealth, but in reality, we are using wealth to exchange for an illusory self-identity.In this trade, we were destined to be losers from the very beginning."

ChainCatcher message, Federal Reserve Governor Waller stated that stablecoins are essentially a synthetic dollar, and stablecoins could bring benefits to the financial system but must be regulated to address the risk of runs.